Capital & Counties to draw on revolver for Shaftesbury stake purchase

By Sarah Lizee

Olympia, Wash., June 1 – Capital & Counties Properties plc plans to use its £705 million Covent Garden revolving credit facility to fully fund its acquisition of a 26.3% shareholding in Shaftesbury plc from Veloqx (Jersey) Ltd. for a total consideration of £436 million, according to a London Stock Exchange notice.

Of the revolver’s amount, £255 million remains available for drawdown.

Based on the group's net debt as at March 31 and the carrying value of the group's property portfolio as at Dec. 31, 2019 and assuming payment of the total consideration of £436 million, the company’s loan to value ratio would be 30% and cash and undrawn committed facilities would be £525 million.

Capital & Counties Properties is a London-based investment and development property company.

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